A man outside Yes Bank branch in New Delhi | Manisha Mondal | ThePrint
File photo of a Yes Bank branch in New Delhi | Manisha Mondal | ThePrint
Text Size:

Mumbai: Yes Bank Ltd., the Indian lender that was rescued this year after being inundated with bad loans, plans to raise as much as 150 billion rupees ($2 billion) in a public offering to shore up capital.

The share offering will be from July 15 to 17, according to a stock exchange filing Thursday. The Mumbai-based bank had earlier planned to raise at least 80 billion rupees, people with knowledge of the matter said last month.

Indian banks are boosting balance sheets in anticipation of more soured debts as the coronavirus hammers businesses and leaves millions jobless. The Reserve Bank of India barred Yes Bank from paying some bondholders last month after its capital adequacy ratio fell below the minimum regulatory requirement.

Yes Bank will sell the shares to foreign and domestic institutions as well as retail investors, it had said earlier. State Bank of India, the company’s largest shareholder, has already committed 17.6 billion rupees.

Shares of Yes Bank climbed as much as 5.6% on Thursday morning in Mumbai.

The lender received a capital infusion of 100 billion rupees from eight local lenders led by SBI in March, as part of a bailout plan by the central bank.-Bloomberg


Also read: Protect bankers, act against miscreants with full force of law: Finance ministry tells states


 

Subscribe to our channels on YouTube & Telegram

News media is in a crisis & only you can fix it

You are reading this because you value good, intelligent and objective journalism. We thank you for your time and your trust.

You also know that the news media is facing an unprecedented crisis. It is likely that you are also hearing of the brutal layoffs and pay-cuts hitting the industry. There are many reasons why the media’s economics is broken. But a big one is that good people are not yet paying enough for good journalism.

We have a newsroom filled with talented young reporters. We also have the country’s most robust editing and fact-checking team, finest news photographers and video professionals. We are building India’s most ambitious and energetic news platform. And we aren’t even three yet.

At ThePrint, we invest in quality journalists. We pay them fairly and on time even in this difficult period. As you may have noticed, we do not flinch from spending whatever it takes to make sure our reporters reach where the story is. Our stellar coronavirus coverage is a good example. You can check some of it here.

This comes with a sizable cost. For us to continue bringing quality journalism, we need readers like you to pay for it. Because the advertising market is broken too.

If you think we deserve your support, do join us in this endeavour to strengthen fair, free, courageous, and questioning journalism, please click on the link below. Your support will define our journalism, and ThePrint’s future. It will take just a few seconds of your time.

Support Our Journalism

Share Your Views

LEAVE A REPLY

Please enter your comment!
Please enter your name here